Resolution - #89-11-294 - 11/08/1989

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Thc CJ ty ~:,i 1! r~..:-:ccvc thc fight to: (i) waive non-substantive informalities of any bid or of matters relating to ibc ~ c,'?.:ipt {ff bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid v¥}ti¢'}~ ~hc City determines to have failed to comply with the terms herein. REGISTRAR Thc City wilt ,a~c; thc registrar which shall be subject to applicable SEC regulations. The City will pay f~[' ti}c s;¢:~vk:es of thc registrar. CUSIP NUMBERS If the lto~ls ,l,~,liiy for assignment of CUSIP numbers, such numbers will be printed on the Bonds, btt! ~cith,.u thc failure to print such numbers on any Bond nor any error with respect thereto will constilt~tc c:lt~sc, for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service i~,~a'oau charge for the assignment of CUSIP identification numbers shall be paid toy the i)urchasc~. SETTLEMENT Within 4.0 d:tlvs/'~>llowi~g the date of their award, the Bonds will be delivered without cost to the purchaser al a p h~(:c mutually satisfactory to the City and the purchaser. Delivery will be 'subject to reccipl by Ih,c I'~t~;chaser of an approving legal opinion of Holmes & Graven, Chartered of M immtq)oli'.., i\4i~csota, which opinion will be printed on the Bonds, and of customary closing papers, incltxii~'~g a r~o-litigation certificate. On the date of settlement, payment for the Bonds shall be made i~ i;,~xlcr~d, or cquivalent, funds which shall be received at the offices of the City or its designee noi l~ t,;~' !hah I2:00 noon, Central Time. Except as compliance with the terms of payment for the Ilomis ~;i~,li have been made impossible by action of the City, or its agents, the purchaser shall bc lia/d,:; i~ ~.ho City for any loss suffered by the City by reasons of the purchaser's non- compli:mc,z '..vii}~ >::~[d temps for payment. OFFICIAL STATEMENT [Jndcrwritc~'s ~i}~t~ (d>tain a copy of the Official Statement by request to the City's Financial Advisor N'i(,r ~.<~ il~c bi(! opening. The purchaser will be provided with 25 copies of the Official Statement. 3) 'i'l~:~i. the Administrator is authorized and directed to advertise the Bonds for sale in accordanct; wil]~ tht~ foregoing Official Terms of Offering and to publish the abbreviated notice of sale attached l~c?c:lc> tls I~;xhibit A in the manner required by law. The City Council will meet at 7:30 D.nL on Tuc:.;rlly, November 28, 1989 to consider bids on the Bonds and take any other appropriate ~,cli{ ~ ,vith respect to the Bonds. Thc motio~ i't,-lt~c adoption of the foregoing resolution was duly seconded by Councilmember DeI.ttca and ~1)o~', ;'cie being taken thereon, the following voted in favor thereof: and tile fi)Ilo>win.,,, v{)led against the same: